After enduring a spate of bad press regarding the Fisker Karma, most of the Fisker news lately has centered around the Atlantic. The Atlantic was introduced at the New York International Auto Show last month, previewing the next step in Fisker’s business plan.
More recently, a report meant for investors was leaked outlining production delays. Atlantic is reportedly 95 percent sourced for production, but the delays are the result of the Department of Energy funding negotiations. Given Fisker’s ability to raise funds so far, we don’t foresee any reason why they wouldn’t be able to raise additional funding privately.
Fisker has also expressed confidence in this, revealing some encouraging new information in its first business report. We’ve been reporting that the company has raised around $850 million since 2007. That number has now crossed the $1 billion mark thanks to an infusion of $174 million in additional private financing since the start of the year. Fisker’s fundraising ability indicates investor confidence in the company.
Further good news comes in that, despite all the negative coverage, sales of the Karma have continued at a brisk pace. In the Netherlands, Karma has ranked second in four-door full-size luxury sedan sales, behind only the Porsche Panamera. Overall the business report reveals that 1,000 Karmas have been delivered so far this year, generating $100 million in revenue in four months’ time.
Nothing has given off the impression of a desperate situation at Fisker, and the company is fulfilling orders normally. The key will be watching to see if Karma sales continue strongly throughout the year and if the company is profitable. Fisker has said it would be profitable with the Karma, but we’ve yet to see any data on it. That is crucial as Fisker will need to be able to sustain itself on Karma sales alone until the Atlantic reaches production. It is scheduled to hit production full swing in mid-2014.
